None Required information Skip to question [The followinginformation applies to the questions displayed below.]BatCo makes baseball bats. Each bat requires 1.00pounds of wood at $22 per pound and 0.35 direct laborhour at $30 per hour. Overhead is assigned at the rateof $60 per direct labor hour. Assume the actual cost tomanufacture 130 bats is $7,735.00. Compute the totalcost variance and identify it as favorable or unfavorable.(Indicate the effect of the variance by selectingfavorable, unfavorable, or no variance.)

Step 1: Calculate the total standard cost.Wood cost per bat = 1 pound X $22 = $22Labor cost per bat…

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 11PB: Use the following standard cost card for 1 gallon of ice cream to answer the questions. Actual...

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Use the following standard cost card for 1 gallon of ice cream to answer the questions. Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All materials used were bought during the current period. A. Compute the material and labor variances. B. comment on the results and possible causes of the variances.
Required information (The following information applies to the questions displayed below.] BatCo makes baseball bats. Each bat requires 1.00 pounds of wood at $18 per pound and 0.25 direct labor hour at $30 per hour. Overhead is assigned at the rate of $60 per direct labor hour. Assume the actual cost to manufacture 120 bats is $5,700.00. Compute the total cost variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable. or no variance.) Actual cost Budgeted standard cost Total cost variance
ACE CORP HAS THE FOLLOWING DL STANDARDS: DLHRS/UNIT 1.25 DL COST/HR $32 ACE USED 21,780 DLHRS TO PRODUCE 18,000 UNITS. ACTUAL DL COSTS = $713,295. WHAT IS THE AMOUNT OF THE DL PRICE VARIANCE? ___________ IS THE VARIANCE FAVORABLE OR UNFAVORABLE? ___________ REFER TO QUESTION 1. WHAT IS THE AMOUNT OF THE DL EFFICIENCY VARIANCE? _________ IS THE VARIANCE FAVORABLE OR UNFAVORABLE__________
2 < ces ! Check my work Required information [The following information applies to the questions displayed below.] BatCo makes baseball bats. Each bat requires 1.00 pounds of wood at $22 per pound and 0.30 direct labor hour at $20 per hour. Overhead is assigned at the rate of $40 per direct labor hour. Assume the actual cost to manufacture 130 bats is $6,240.00. Compute the total cost variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Actual cost Budgeted standard cost Total cost variance
of 2 Required information [The following information applies to the questions displayed below.] BatCo makes baseball bats. Each bat requires 2.00 pounds of wood at $20 per pound and 0.25 direct labor hour at $30 per hour. Overhead is assigned at the rate of $60 per direct labor hour. Book Assume the actual cost to manufacture 150 bats is $9,975.00. Compute the total cost variance and identify it as favorable or unfavorable. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance. Hint Terences Actual cost Budgeted standard cost Total cost variance
Required information Use the following information for the Quick Study below. (Algo) (The following information applies to the questions displayed below] BatCo makes baseball bats. Each bat requires 1.00 pounds of wood at $18 per pound and 0.25 direct labor hour at $20 per hour, Overhead is assigned at the rate of $40 per direct labor hour. QS 21-6 (Algo) Total Cost variances LO P2 Assume the actual cost to manufacture 130 bats is $4,940.00. Compute the total cost variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Actual cost Budgeted standard cost Total cost variance
Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 Actual quantity purchased and used in production 100 Standard quantity for units produced 130 Actual labor rate per hour $15 Standard labor rate per hour $17 Actual hours 210 Standard hours for units produced 230 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance $fill in the blank 1 Material quantity variance $fill in the blank 3 Labor rate variance $fill in the blank 5 Labor efficiency variance $fill in the blank 7 B. What are some possible causes for this combination of favorable and unfavorable variances?
Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] BatCo makes baseball bats. Each bat requires 1.00 pounds of wood at $16 per pound and 0.30 direct labor hour at $20 per hour. Overhead is assigned at the rate of $40 per direct labor hour. QS 21-6 (Algo) Total Cost variances LO P2 Assume the actual cost to manufacture 150 bats is $5,850.00. Compute the total cost variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Actual cost Budgeted standard cost Total cost variance $ 0 Next > raw be here to search < Prev S 5 P of 10 W
Acme Inc. has the following information available: $ 1.00 $ 1.20 Actual price paid for material Standard price for material Actual quantity purchased and used in production 100 Standard quantity for units produced 110 $ 15.00 $ 16.00 Actual labor rate per hour Standard labor rate per hour Actual hours 200 Standard hours for units produced 220 Calculate the Labor Efficiency (Time) Variance and indicate if the variance is favorable or unfavorable
Thorne Company has the following information available for the past year. They use machine hours to allocate overhead. NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F” (for Favorable) or "U” (for Unfavorable) - capital letter and no quotes. What is the variable overhead efficiency variance? Is it favorable or unfavorable?
Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds @ $4 per pound) Direct labor (3 hours @ $14 per hour) During May the company incurred the following actual costs to produce 8,200 units. Direct materials (117,700 pounds @ $3.80 per pound) Direct labor (29,400 hours @ $14.10 per hour) AR Actual Rate SR Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Actual Cost Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variar AR Actual Rate SR Standard Rate Direct materials (117, 700 pounas @ 5.00 per pouna) Direct labor (29,400 hours @ $14.10 per hour)…
Use the following information to answer questions 15 and 16. A company has the following information in its standard cost card: £ = 7.00 Material 2.5kg at the price of £3/kg During the month the company recorded the following: Units produced Material used Material cost 2,500 units 7,850kg £23,180 %3D 15. Calculate the material price variance. 16. Calculate the material usage variance.

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